Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
1) Based on the following information provided about a company's operations, calculate
its cost of goods purchased and its cash paid for merchandise.
2) Explain the role of accounting in the information age.
3) How is profit margin calculated? Discuss its use in analyzing a company's
performance.
4) What is a trial balance? What is its purpose?
5) On July 31, a company declared a cash dividend of $0.25 per common share to the
shareholders of record on August 15. The cash dividend will be paid on August 25. This
company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the
journal entries required on July 31, August 15 and August 25.
6) FOB _________________ means the buyer accepts ownership when the goods
depart the seller's place of business. The buyer is responsible for paying shipping costs
and bears the risk of damage or loss when goods are in transit.
7) On December 3, the Matador Company paid $5,400 cash in salaries to office
personnel. Prepare the general journal entry to record this transaction.
8) ___________________________ is a budget system based on expected activities
and their levels that enables management to plan for resources required to perform the
activities.
